Required: a. Based on the above facts, identify three balance sheet accounts with at least one “red flag” that the auditor should consider as indicating a high inherent risk. Describe the red flags for each account and the type of misstatements about which the auditor should be concerned. Make a preliminary assessment of materiality for this audit and justify your conclusion. The Wordup inventory is to be used as security for a loan and is the subject of a special report. Make a preliminary assessment for the Wordup inventory.
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